logo-loader
viewFURA Gems

Fura Gems brings in over C$26M after closing first tranche of placing

Shares in the first tranche were issued at a 47% premium to the share closing price on Toronto's venture exchange on October 9

FURA Gems -
The net proceeds from this first tranche are expected to be used to advance the company's ruby assets in Mozambique, among others

Fura Gems Inc (CVE:FURA)(OTCMKTS:FUGMF), the gemstone mining and marketing group, revealed it had brought in over C$26 million after closing the first tranche of  a previously announced private placement.  

Fura issued more than 106.7 million shares at C$0.25 each, which was a significant 47% premium to the share closing price on Toronto's venture exchange on October 9 (Wednesday) to raise gross proceeds of C$26,688,602.

READ: Fura Gems forging ahead with plans to become ground-breaking mining and marketing group

The net proceeds from this first tranche are expected to be used to advance the firm's Coscuez emerald project in Colombia and ruby assets in Mozambique, as well as for the closing of its ongoing acquisition of a 100% interest in ruby prospecting licence No. 5572L in the Montepuez District of Cabo Delgado province in Mozambique.

The funds will be used for the closing of the merger of ruby assets transaction first announced in 2018 in respect of its acquisition of 75% of the issued shares of Montepuez Minerals Pty Ltd., which owns a 70% interest in mining licence 5030L, and an 80% interest in mining concession 8921C; and a right to earn a 65% interest in mining concession 8955C under a joint venture agreement and general corporate purposes.

Increases placing

On August 15 this year, Fura said it had increased the size of  the placing due to increased investor demand to around C$33.3 million from C$30.3 million previously.

Shares issued in connection with the first tranche are subject to a statutory four‑month hold period, which expires on February 11, 2020, the mining group said.

Contact the author at [email protected]

Quick facts: FURA Gems

Price: 0.16 CAD

TSX-V:FURA
Market: TSX-V
Market Cap: $38.92 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of FURA Gems named herein, including the promotion by the Company of FURA Gems in any Content on the Site, the Company receives from said issuer...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Fura Gems help develop Provenance proof blockchain for coloured gemstones

Fura Gems (CVE:FURA) Vice President of Marketing and Sales Rupak Sen joined Steve Darling from Proactive Investors on Skype from Dubai to share news, Fura has helped to set up a new system for how precious stones like emeralds and rubies are tracked. Sen tell Proactive the new system will...

on 14/2/19

2 min read